Grandparents will not let the sluggish economy get in their way this Christmas, as many plan to maintain their spending this festive season.
More than a third (36%) of grandparents plan to spend more than £50 on each of their grandchildren this Christmas.
In addition, more than half of the UK's grandparents said they will shell out just as much on their own children.
With the average grandparent having two children and four grandchildren, this could add up to a £300 spend on presents, even before you take into account other people such as partners and other family and friends.
Some younger grandparents face an even heftier Christmas bill, as one in ten 55-59 year olds said they would be spending at least £100 on each grandchild and 33% will spend the same on each of their children.
"Obviously family is very important to the Babyboomers and the generosity of parents and grandparents over 50 in these tough financial times is incredible," said Ros Altmann, director-general of Saga Group.
Grandparents intent on spoiling their grandchildren and their own children this Christmas should remember that their money will quite often go further online, so don't always take the first price you see on the high street.
You can also drive down the cost of gifts by searching for vouchers and voucher codes online which offer discounts at hundreds of retailers.
Those not in a position to lavish quite so much of their hard earned money on their loved ones should check the Moneyfacts.co.uk guide to 'Christmas on a shoestring'.
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